Mortgages: Prequalified vs. Preapproved

mortgage-prequalification-versus-preapproval

Alex Rathis/iStock; bortonia/iStock

Did you know that in most cases, being told you’re “prequalified” for a mortgage won’t get you any closer to actually buying a home? In fact, it’s kind of meaningless.

Unless you’re independently wealthy, chances are you’re going to need a mortgage to buy a home. If it’s your first time — and even if it’s not — the entire home-buying process can be intimidating. Lots of new terms get tossed around, and it’s easy to get them confused. When it comes to mortgages, you’ll hear the terms “prequalifed” and “preapproved.” They sound similar but are different in some very important ways. This article from Realtor.com explains the differences and why you should seek to be preapproved for a mortgage before you begin your home search.

As always, we are grateful for your trust in us and for your referrals. If you — or people you know — are looking to buy or sell a home, I would love to help! Contact me here.

Leave a Reply

Your email address will not be published. Required fields are marked *